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Why MNI
MNI is the leading provider
of intelligence and analysis on the Global Fixed Income, Foreign Exchange and Energy markets. We use an innovative combination of real-time analysis, deep fundamental research and journalism to provide unique and actionable insights for traders and investors. Our "All signal, no noise" approach drives an intelligence service that is succinct and timely, which is highly regarded by our time constrained client base.Our Head Office is in London with offices in Chicago, Washington and Beijing, as well as an on the ground presence in other major financial centres across the world.
TECHNOLOGY
- The Worldline spread curve has widened over the session with longest-dated EUR 28s now close to 12bps wider vs. govies on the day.
- Market opinion seems to have landed around the results coming in broadly in line with already-lowered estimates while MT turnaround targets appear vague (e.g. continuous EBITDA improvement, “fast progression” in FCF conversion).
- S&P-adjusted leverage stood at 3.8x at FY22 against a maximum BBB threshold of 2.5x with slower deleveraging towards this target cited as a reason for their November downgrade to BBB-.
- With company-reported leverage flat at 1.6x from H2 (and down just 0.3x from FY22), a worse FCF outlook and an S&P expectation of 5-6% growth (vs. FY24 guidance of >3% organic growth), it appears that any upgrade is distant.
- Spreads have tightened since spiking wider on their October guidance revision and subsequent downgrade, though they now trade wide of long-term BBB- TMT names like SES SA whist having underperformed those of peer and potential rising star Nexi SpA.
Why MNI
MNI is the leading provider
of intelligence and analysis on the Global Fixed Income, Foreign Exchange and Energy markets. We use an innovative combination of real-time analysis, deep fundamental research and journalism to provide unique and actionable insights for traders and investors. Our "All signal, no noise" approach drives an intelligence service that is succinct and timely, which is highly regarded by our time constrained client base.Our Head Office is in London with offices in Chicago, Washington and Beijing, as well as an on the ground presence in other major financial centres across the world.
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